We've already bestowed upon our nation's noble Indian tribes the gifts of untaxed cigarette sales and casino gambling operation. Now, a new revenue stream is set to gush forth unto sovereign Native Americans: payday lending.
The WSJ reports that payday lenders, those professional, avowed bloodsuckers of the poor, are now teaming up with Native American tribes, whose "sovereign immunity" means they're exempt from rules like, you know, caps on interest rates.
Those advantages are luring American Indian tribes into the payday-loan business, and unleashing a scramble by lenders to team up with tribes. Much like the casino boom that began about 25 years ago, payday loans are emerging as a promising revenue stream for economically struggling tribes, especially those willing to let outside companies piggyback on their freedom from state and U.S. lending laws.
Payday lending companies make money! Officially recognized Native American tribes make money! Everybody wins, except the poor borrowers! Set up the payday lending center right next to the cigarette outlet/ slot machine center!
This is one depressing story.